The Reserve Bank of Australia published the minutes of its November 3 meeting. At that time, the RBA kept its key interest rate at 2 percent.
According to the RBA, the inflation outlook may afford some scope for further easing. Some easing is appropriate if it supports demand. Despite the increase in lending rates by banks, overall monetary conditions are still accommodative. The Bank foresees growth strengthening gradually over the next two years. However, there is still evidence of space capacity in the economy. The Bank noted that supervisory measuring are helping to contain housing market risks.
Household consumption forecast is to add significantly to growth. Household spending and saving decisions however, imply a source of uncertainty. Non-mining business conditions are above the long run average but considerable uncertainty exists on the non-mining investment recovery.
The RBA said that the slowing growth in Asia is more persistent than it expected. The Asian and Chinese outlook is the key uncertainty for global growth.
The RBA issues minutes of its meetings with a two week lag.
Although the RBA's Reserve Bank Board issues a detailed statement at the conclusion of its monthly meetings, investors also look to the minutes for a more detailed description of current economic outlook both domestically and abroad along with the latest RBB policy thinking.
It is only recently that the RBA has released meeting minutes. At the conclusion of their December 2007 meeting, the RBA announced several changes to its communications policy. Previously, a statement was released only if a policy change was made. Now a statement is released at the conclusion of every meeting. Another change concerned the timing of the policy announcement. Rather than waiting until the next day, the announcement occurs immediately after the conclusion of the meeting. In addition, minutes are now released two weeks after the meeting.
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